Description
Snap has been working this pattern since DEC20, making its ATH in September of 21' and appears to have broken the lower accumulation line.
The trigger for the short position is @ 50 on the weekly time frame, but 49 on the daily time frame, so the position here is a starter. Following a back test or definitive continuation, I will be adding to the position or stopping out at 50.
Refer to this chart for the longer time frame:
Technical Indicators:
Break of lower accumulation line
Converging 50/200D EMA
Good volume on the breakout
Using Long Puts
Long Put
Levels on Chart
SL is a daily close > 50.
An intermediate price target is at 44, then 35, and longer term is set at 17.5.
For an intermediate target, we will be going with 44.
*Stops based off underlying stock price, not mark to market loss
The Trade
BUY
12/23 45P
R/R & Break-evens vary on fill.
Manage Risk
Only invest what you are willing to lose
Snap has been working this pattern since DEC20, making its ATH in September of 21' and appears to have broken the lower accumulation line.
The trigger for the short position is @ 50 on the weekly time frame, but 49 on the daily time frame, so the position here is a starter. Following a back test or definitive continuation, I will be adding to the position or stopping out at 50.
Refer to this chart for the longer time frame:
Technical Indicators:
Break of lower accumulation line
Converging 50/200D EMA
Good volume on the breakout
Using Long Puts
Long Put
Levels on Chart
SL is a daily close > 50.
An intermediate price target is at 44, then 35, and longer term is set at 17.5.
For an intermediate target, we will be going with 44.
*Stops based off underlying stock price, not mark to market loss
The Trade
BUY
12/23 45P
R/R & Break-evens vary on fill.
Manage Risk
Only invest what you are willing to lose
Trade active:
Filled @ 1.34
Trade closed: stop reached:
Filled @ .97, -28%.
Not a scratch!
Not a scratch!
Comment:
Re-entered here with ATM Puts @ 1.18.
Trade active:
I got my trigger to add to this position today, but was not able to due to my other job.
Holding below that 50 level though and looking weak.
Holding below that 50 level though and looking weak.
Trade active:
Added to position with 12/31 43P's filled @ 1.33.
Trade active:
Closed out original re-entry @ 1.6, +36% only because it has 1 DTE as to attain whatever remaining TVP before it disappears on assignment day.
Trade active:
Added to position with 12/23 46Ps @ 2.58.
Trade active:
Held this today on heavy selling towards the close, expecting SNAP to be at the top of the new consolidation range.
I believe I am in a psychologically compromising position, and am looking for an exit.
I believe I am in a psychologically compromising position, and am looking for an exit.
Trade active:
Closed the 12/23 Ps @ .55, -79%
Waiting until EOD to close 12/31's
Waiting until EOD to close 12/31's
Trade closed: stop reached:
Filled 12/31 Ps @ .4, -70%
